Oppenheimer raised its price target for Snowflake (SNOW) to $400 from $295. The firm reiterated its Outperform rating on the stock.
Analysts identified strong consumption trends and accelerating migration activity as primary growth drivers. The company maintains a healthy sales pipeline across multiple regions and industries.
The AI coding agent CoCo serves as a key catalyst for the upgraded outlook. Oppenheimer noted that the tool has become a vital component of the company's sales process.
CoCo accelerates AI workload adoption and speeds up core data analytics migration. These efficiencies lead to higher customer engagement and larger, faster client commitments.